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Olive oil sales squeezed

Poor harvest conditions continue to provide a challenging backdrop to the olive oil market, according to the latest analysis of value and volume sales across Europe, including the UK.

Data analysts IRI says Europe is showing an average sales volume decline of -4.3% with Spain and Germany showing the biggest drop.

An increase in value sales of 6% year-on-year is explained by higher material costs and price inflation across the region.

According to IRI, the European olive oil market overall is worth €3bn, with Extra Virgin Oil managing to stave off decreases in volume yoy, potentially helped by lower price inflation rates compared to the overall category.

Notably, organic olive oil has grown by 37.4% in value and 17.5% in volume in the UK market compared to a year ago, thanks in part to shopper perception about the health benefits, although overall sales in this segment are still low.